Pintu currently offers trades on 16 cryptocurrencies, including the popular Bitcoin and Ethereum. The start-up plans to add more assets that are in high demand among investors, including non-fungible tokens (NFTs).

“We built Pintu with the belief that crypto is more than just a piece of technology; it is also an asset class and community that will provide the means for Indonesians to overcome the barriers to financial inclusion,” said PT Pintu Kemana Saja cofounder and CEO Jeth Soetoyo in a press release.

He went on to explain that the company was in the process of rolling out new features, including e-wallet integration for easy deposit and withdrawal of funds.

The company was also developing Pintu Earn, a cryptoasset interest account that enables users to automatically earn interest on a variety of crypto assets.

“With this round of financing, Pintu plans to aggressively hire new talent across all major functions, strengthen Pintu’s market leadership […] through strategic partnerships, launch mass market education campaigns,” Jeth added.

Newbies can learn about cryptocurrencies through Pintu’s educational platform called Pintu Academy, which includes articles and videos designed to assist fledgling crypto investors learn and understand cryptocurrency fundamentals.

Jeth also said that, while Indonesia was the fourth-most populous country in the world, only a small fraction of the population knew about cryptocurrencies, leaving plenty of room for growth.

According to Trade Ministry data from May, Indonesia had around 6.5 million crypto investors, while crypto investment transactions had grown fivefold in as many months to more than Rp 370 trillion ($25.8 billion).

“There is an immense opportunity for retail investors to gain access to diversified and dynamic investment opportunities through Pintu,” Jeth added.

Read also: Indonesia now has more crypto investors than stock market investors

Pintu’s latest investment round was led by United-States based venture capital firm Lightspeed, which has invested in more than a dozen crypto and blockchain companies globally.

“We believe crypto is at an inflection point to become an important asset class globally and give rise to massive companies that will become regional leaders,” said Hemant Mohapatra, a partner at Lightspeed. “We are excited to back Pintu on their way to becoming the leading brand in crypto – not just in Indonesia but throughout the Southeast Asia region – in the coming years.”

Previous backers, such as Alameda Ventures, Blockchain.com Ventures, Castle Island Ventures, Coinbase Ventures, Intudo Ventures and Pantera Capital, participated in the latest funding.

Pintu saw downloads of its mobile app more than triple during the first half of the year. It also saw a fourfold increase in active traders on the platform over the same period.

Launched in April 2020, the application allows users to start investing in cryptoassets with as little as Rp 11,000 (75 US cents), trade, analyze and manage assets.

Pintu is among the 13 licensed cryptobrokers under the Trade Ministry’s Commodity Futures Trading Regulatory Agency (Bappebti).